数字普惠金融发展对居民主观幸福感的影响——来自中国家庭的微观证据

The Impact of Digital Financial Inclusion Development on the Subjective Well-Being of Residents:Micro-Evidence from Chinese Households

提升民生福祉是我国新时代高质量发展的核心目标之一.数字普惠金融对提升我国居民主观幸福感具有关键作用.本文利用2013至2019年的中国家庭金融调查数据,基于城市等级信息,将其与市级数字普惠金融指数进行匹配,运用有序Probit模型实证研究了数字普惠金融发展对居民主观幸福感的影响.研究结果表明,数字普惠金融发展显著提升了我国居民的主观幸福感;分维度看,其覆盖广度和使用深度对居民主观幸福感具有正向影响,数字化程度则产生负面效应.此外,数字普惠金融发展对不同收入水平和受教育水平群体的主观幸福感的影响存在显著差异.机制分析结果表明,数字普惠金融发展会通过提升居民金融素养、改善居民经济状况和提高社会保障水平三种途径提升居民主观幸福感.

Enhancing the welfare of the people is one of the core goals of highquality development in China’s new era.Digital financial inclusion plays a crucial role in improving the subjective well-being of Chinese residents.Utilizing the data from the China Household Finance Survey from 2013 to 2019,and integrating city tiers with municipal digital financial inclusion indices,this paper empirically investigates the impact of digital financial inclusion development on residents’subjective well-being using the ordered Probit model.The findings indicate that the development of digital financial inclusion significantly enhances the subjective well-being of residents.In terms of dimensions,its breadth of coverage and depth of use have a positive impact on residents’well-being,while the degree of digitalization has a negative effect.Moreover,the impact of digital financial inclusion development on subjective well-being varies significantly across different relative income and educational levels.Mechanism analysis shows that the development of digital financial inclusion enhances subjective well-being through three pathways:Improving residents’financial literacy,improving economic conditions,and enhancing social security levels.